#山寨币行情启动在即？ Recently, many people have been asking why BTC is consolidating at high levels, while a bunch of altcoins are showing momentum? There are indeed reasons behind this.

Simply put, it's capital rotation. Bitcoin is in the spotlight, but active funds need to find a way out, naturally moving into those assets still lying at the bottom, seeking greater volatility. This is the eternal market pattern.

Deeper driving forces lie in narratives. AI has been extremely popular this year, with related concepts surging even before they fully develop—this is a market leading indicator. RWA (Real-World Asset on-chain) has attracted the attention of many traditional institutions, and DePIN (Decentralized Physical Infrastructure Networks) is stitching blockchain and the real economy together, becoming a new growth point. Don't forget the airdrop expectations for top projects like Zksync, which have directly boosted the entire Layer2 and cross-chain ecosystem.

From the bull market rhythm, we are at a critical stage—funds are spilling out of Bitcoin and Ethereum, flowing into more targets. At this time, market risk appetite is particularly high, and investors are eager to find the next big opportunity to get rich quickly.

On the macro level, there are also positive signs. The Federal Reserve's rate hike cycle is basically over, although when they will start cutting rates is still uncertain, the days of tight liquidity are behind us, freeing up the stage for high-risk assets.

Back to altcoins, they are like walking a tightrope—terribly volatile, most projects are just hype concepts, with very few actually delivering real results. The biggest risk is seeing a rise and then being unable to move, ending up as the last bagholder. If you want to participate, you must first understand the project's fundamentals thoroughly, keep your position size in check, and play with spare funds that you can afford to lose—remember to set stop-loss levels.

Overall, this altcoin rally is the result of multiple forces stacking up. You can try small positions for experience, but the core holdings should still be in BTC, ETH, and other mainstays. The biggest test of a bull market is this—don't get distracted by outside noise, stay focused on the main trend, and that’s the key to making money.